Contact Information: For further information please contact: Investor Relations in the U.S. Pfeiffer High Investor Relations, Inc. Geoff High Principal Phone: 303-393-7044 Email: Investor Relations in Canada CHF Investor Relations Cathy Hume Account Manager Phone: 416-868-1079 ext. 231 Email: Torrent Energy Corp. John Carlson President & CEO Phone: 503-224-0072 Email:
Torrent Energy Provides Update on Water Permit Process and Operations
| Source: Torrent Energy
PORTLAND, OR--(Marketwire - November 19, 2007) - Torrent Energy Corporation (the "Company")
(OTCBB : TREN ) today confirmed that the public comment period has been
successfully completed with respect to the water disposal permit for its
coal-bed methane natural gas project in Coos Bay, Oregon operated by its
wholly-owned subsidiary Methane Energy Corp. ("Methane"). The last step in
the water permitting process is the final approval of the National
Pollutant Discharge Elimination System Waste Discharge Permit (the "NPDES
permit") by Oregon State's Department of Environmental Quality (DEQ). This
approval is expected in the coming days. Upon receipt of the permit, the
Company can redirect its attention toward field activities and moving the
Coos Bay project from the development stage into the commercial production
stage.
As part of the now complete public comment process, public informational
meetings were held separately by both Methane and the DEQ in Coos County.
At each of these meetings, Methane's testing procedures and water
management plan were fully vetted and the public was able to question
senior managers from both organizations. Written comments were also
solicited and technical responses have been prepared by Methane and
submitted to the DEQ for final disposition.
The final issuance of the NPDES permit will allow the Company to commence
and complete its planned frac program on the Westport project wells by
enabling an effective management system to treat and economically dispose
of both frac and produced waters to a maximum daily volume of 2,000 barrels
per day. This treatment, disposal and monitoring will be undertaken subject
to the rigorous conditions imposed by the NPDES.
Torrent's president and CEO, John Carlson, stated, "The permitting process
has, at times, seemed never-ending. Nevertheless, we believe it is the most
critical element required to establish a commercial CBM operation in Coos
County. Without the ability to treat and dispose of frac and produced water
both environmentally responsibly and cost-effectively, we would not likely
be able to develop an economic revenue base from this project. Torrent
remains committed to doing things right and clearly this has pushed back
our timetable, but our prudence has not altered our course for the future.
Following this permit process to its conclusion before making additional
capital expenditures for stimulating the wells and installing gas gathering
and water gathering infrastructure has been a challenge that the Company
is, again, committed to. At the same time, extensive planning for these
future activities and expenditures has been underway behind the scenes
during the water permitting process and we shall move quickly on them upon
receipt of the final NPDES permit."
The Company has filed its second quarter financial statements, which
reflect diminishing cash balances. Since late August 2007, Torrent has been
pursuing new strategic sources of equity capital to fund additional
development in the Westport project area as well as Torrent's Washington
project. The Company is currently reviewing one specific financing option
that has been offered, and continues discussions with a number of other
capital sources with the goal to bring in new capital by the end of
November. "We are clearly in need of additional financing, and we plan to
find the best capital solution to provide us with the ability to maintain
our operations and serve the interests for our existing shareholder base."
About Torrent Energy Corporation
Torrent Energy Corporation is an exploration company focusing on developing
non-conventional natural gas reserves in the Northwestern United States.
The Company's primary objective is to create value for stakeholders by
applying strong technical expertise to projects. The current focus of the
Company's Oregon subsidiary, Methane Energy Corp., is on the exploration of
the Coos Bay Basin project in southwestern Oregon where the Company
currently has a land portfolio that includes over 118,000 acres of
prospective land. For more information please visit www.torrentenergy.com.
Safe Harbor Statement: This news release includes statements about expected
future events and/or results that are forward-looking in nature and subject
to risks and uncertainties. Forward-looking statements in this release
include, but are not limited to, that the water disposal plan approval
allows the Company to now move forward on their stated mission of moving
the Coos Bay field from the development stage into the commercial
production stage; that the final permit is scheduled to be completed and
issued to Torrent Energy in the coming days; that with the issuance of this
permit, we are now ready to proceed with our field development/production
plans, including fracture stimulation and pipeline tie-in to the Coos
County gas transmission system; and that we will be able to bring in new
capital by the end of November.
It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking
statements. Factors that could cause actual results to differ materially
include the uncertainty of the requirements demanded by environmental
agencies, the Company's ability to raise financing for operations,
inability to maintain qualified employees or consultants, competition for
equipment, inability to obtain drilling permits, potential delays or
obstacles in drilling and/or interpreting data, market fluctuations and
spot prices for gas, and the possibility that no commercial quantities of
gas are found or recoverable. For more risk factors about our Company,
readers should refer to risk disclosure in our most recent 10-K and Form
10-Q filed on Edgar.